Cost Savings Hack in the UK: The "GUIDE"

GUIDE is an acronym for Groceries, Utilities, Insurance, Debt and Energy.

Some of these hack may also help anyone living outside the UK. Times are tough and rising prices are putting a squeeze on household finances. The approach below “GUIDE” will be helpful in managing costs.
I learnt this during a personal finance session I attended a few years ago (at work) and it has really helped. So why not share?

#OneIFRSperweek
Week 21: IAS 2 - Inventories

The objective of IAS 2 is to prescribe the accounting treatment for inventories. It provides guidance for determining the cost of inventories and for subsequently recognising an expense, including any write-down to net realisable value. It also provides guidance on the cost formulas that are used to assign costs to inventories.

#OneIFRSperweek
Week 20: IAS 16- Property, Plant and Equipment (PPE)

IAS 16 establishes principles for recognising property, plant and equipment as assets, measuring their carrying amounts, and measuring the depreciation charges and impairment losses to be recognised in relation to them. IAS 16 defines PPE as tangible items that:
- are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and
- are expected to be used during more than one period.
Items of PPE include Plant & machinery, motor vehicle, furniture & fittings, land and buildings etc.

#OneIFRSperweek
Week 19: IFRS S2- IFRS S2 Climate-related Disclosures

The objective of IFRS S2 is to require an entity to disclose information about its climate-related risks and opportunities that is useful to primary users of general-purpose financial reports in making decisions relating to providing resources to the entity. These are climate-related risks and opportunities that could reasonably be expected to affect the entity’s cash flows, its access to finance or cost of capital over the short, medium or long term.

How to Build Your Personal Brand at Work

I recently attended a training at work on the above subject and thought it would be helpful to share some of my key takeaways from the session here.

If you have read the thread I shared below earlier on "how to build your visibility in the workplace", some of the points I will highlight in this thread will resonate with you as there is an intersection between building your personal brand and visibility, particularly in the workplace. When all is said and done, your brand is what people know you for and it's meaningless if you are not visibly projecting your brand.

Sound like I am sitting on a barber's chair with this one and going in circles, but I think you "gerrit" 😉, if not, just bear with me and continue reading. 🙂

Go Visible or go home! - how to be visible in the work place.

The above mantra is one of the key messages I took from a leadership coach - Mute Efe.

I often belong to the school of thought that at work, let your work speak for you. In fact my mantra was a quote from Henry J. Kaiser - “When your work speaks for itself, don't interrupt.” Whilst this is true and has worked for me and others in some instances, one needs to be careful so as not to be “lost in the crowd”.

#OneIFRSperweek
Week 15: IAS 24 – Related Party Disclosures

When an entity engages in transactions, some of these transactions are with entities or individual that has an existing relationship with the entity in either shareholding or management capacity.

In such instances, there are likelihood that the transactions may have been conducted in ways that are considered not at “arm’s length” due to the existing relationship. On a lighter note, imagine the wife of the “Minister for Discounted Rice” selling similar rice product from the Ministry 😊. Unless the Minister/Ministry actually disclosed the related party transaction, we would ordinarily be forced to believe that the transaction was conducted and finished at the high chamber and not at arm’s length.

#OneIFRSperweek
Week 1 – The Conceptual Framework for Financial Reporting – Part 1

Most jurisdictions have reporting requirements for listed and other types of entities that include presenting financial statements that are prepared in accordance with a set of generally accepted accounting principles (GAAP). IFRS provide such a set of principles and are used extensively around the world.

The IFRS Foundation is the organisation that develops IFRS Standards for the public interest. Within the IFRS Foundation are the IASB and the ISSB, independent bodies of accounting and sustainability reporting professionals. The IASB and the ISSB are responsible for the technical content of IFRS Standards.

In the next couple of weeks, I and some of my friends (@kazeemijaola1 @Samueltrust2 @Senboy104 @EdogbejireUfuo2 @Tomi_Tomero) will be exploring the various IFRS that have been issued as of 1st January 2024. To ease the understanding of the readers, the standards have been grouped under various themes and these will be explored in that sequential order (See image below).

This week, I will be starting off with the IASB Conceptual Framework for Financial Reporting (The Framework).

My CFA Journey - How I was humbled twice 😊

The @CFAProgram is a three-part exam that tests the fundamentals of investment tools, valuing assets, portfolio management, and wealth planning. It is one of the programs (the major) of the @CFAinstitute . A Chartered Financial Analyst (CFA) charter is a designation given to those who have completed the CFA Program and completed acceptable work experience requirements. The CFA Program is typically completed by those with backgrounds in finance, accounting, economics, or business.

Big 4- “4 Star General” - My 10 Lessons from working at all the Big 4 firms.
The Big 4 is popularly referred to, the four largest professional services networks in the world, ie., Deloitte, Ernst & Young (EY), KPMG, and PricewaterhouseCoopers (PwC). The four firms are often grouped because they are comparable in size, revenue, workforce, quality of work and capability to provide some specific service/expertise in specific areas relative to the rest of the market.